ANGLO-COLONIAL NOTES.

Auckland Star, Volume XXI, Issue 102, 1 May 1890, Page 3

ANGLO-COLONIAL NOTES.

[jm OJI OUR SPECIAL COBBKSPONDEOT.)

London, March 22.

WPW ZEALAND ANTIMONY COM" ? PAHY.-A STORMY -MEETING. Stb Walter Bullek is, on the whole, to bo congratulated that attention to the New Zealand Antimony Company's interests at the Antipodes prevented his presiding atthe particularly stormy and unpleasant annual I Meeting on Thursday afternoon. Not but ; what things would have gone a good deal j mO re smoothly if he could have been pre«ent • Sir John Stokes may be a disfcineuished soldier, but he has no tact. You I cannot deal with justly incensed shareholders as if they were insubordinate pn- ' vates and the militant manner the chairman assumed from the first was the reverse The balance-sheet presented a melancholy appearance, and tho Chairman's statement, though skilfully drawn, could by no etretch of imagination be called satisfactory. What it amounted to was that the shareholders must trust to Sir Walter Buller to put everything right. A shareholder named Naidley then arose and mode a most damaging speech. It was, he said, the duty of the directors to have sent a competent man out to J\ew Zealand to verify the statements made in the prospectus. When it was found that the hopes held out in the prospectus could nob |b& realised, the expenditureshouldhavebeen reduced. No board of directors had been more thoroughly supported than the directors of this Company. Then he had been led to believe that the discovery of gold was come sudden discovery while they were looking for antimony, but though a prospectus was placed before the public, the attempted formation of a company was not successful. Then they started the furnaces, bub they subsequently had to be etopped. Hβ then went on to complain that the office expenses were heavy, thab the expenditure in New Zealand bad nob been properly vouched, and thab the manager had been perjnitted to sell stores to the Company. "Nob only did the managing director peb £300 a year, bub his partner was encased as a clerk ab a like salary. He jnoved, " That a committee of not less than ■three proprietors, holding a minimum of not lesa than 300 shares, be appointed to investigate the affairs of the Company, and confer with the directors, and as soon as convenient to report to the shareholders, and make recommendations a3 to the future working of the Company, and thab the reelection of the directors be postponed until the Committee have reported." • i A number of other discontented shareholders supported the amendment, and which would have been carried nem. con. bub for the eueeestion of a Mr Lomas, who had, ie said" great faith in Sir Walter Buller, and be'thoughithat before the amendment was put they ought to give Sir Walter Bullor an opportunity of attending a meetann- and giving his report on the whole of the affairs of the Company. He thought the best thing would be bo adjourn the meeting pending Sir Walter's report. The speakers were all more or lose severe \ on what they consider the excessive office expenses and the directors' conduct in drawing full fees. Sir Jno. Stokes tried bo explain"thab bhey had nob drawn full fees, in facb, fees were now owing to them. i This led a shareholder, to ask straight,, •* Have you really foregone any fees ?" I" " No,' roared Sir John,losing his temper, '•We had a right to bhem, we were ontibled , to them, we worked for them, and we took , them." t ■ After some discussion Mr Naidley proL ; 5P*»«d-■ "That the report and accounts be a com mibtee of nob iMi'WiiiiWf """I he at once Re'fFtbau BBWH' 1 wdi WKTTcrei g^■ F the Appointed to investigate tho ßH *^' l Sr be irnmoanv and to report to a meeting to\V I SStty convened, and thab fbe meeld ling until the committee reI P °Tbie was seconded by Mr Snnmonds, and PKcnSmansaid he would have a poll rKslm^X^edhewouldnotdoßO, •J there should be a general expression of I OP On°tiie motion of Mr Comfort, Mr G I qimoßOO iun., MTr Gibberd and Mr Naidley |ra appSed a commibtee, with power W' to add to their number. I Mr Lomas then proposed thab . _the Imestine should be adjourned for three I and Mr Morrison seconded. I Theiion was lost. The P^eedinge I then closed with a vote of thanka to the 1 chairman and directors.